Unit 10 REVIEW

A ledger that is summarized in a single general ledger account.

• subsidiary ledger
• accounts payable ledger
• accounts receivable ledger
• controlling account
• schedule of accounts payable

A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.

• accounts payable ledger
• accounts receivable ledger
• controlling account
• schedule of accounts payable
• schedule of accounts receivable

A subsidiary ledger containing only accounts for charge customers.

• accounts receivable ledger
• accounts payable ledger
• controlling account
• schedule of accounts payable
• schedule of accounts receivable

An account in a general ledger that summarizes all accounts in a subsidiary ledger.

• controlling account
• accounts payable ledger
• accounts receivable ledger
• schedule of accounts payable
• schedule of accounts receivable

A listing of vendor accounts, account balances, and total amounts due to all vendors.

• schedule of accounts payable
• accounts payable ledger
• accounts receivable ledger
• controlling account
• schedule of accounts receivable

A listing of customer accounts, account balances, and total amount due from all customers.

• schedule of accounts receivable
• accounts payable ledger
• accounts receivable ledger
• controlling account
• schedule of accounts payable

A general ledger sorts and summarizes all information affecting income statement and balance sheet accounts.

• True
• False

Accounts Payable is a single general ledger account that summarizes the total amount owed to all vendors.

• True
• False

The balance of the controlling account Accounts Payable equals the total of all vendor account balances in the accounts payable subsidiary ledger.

• True
• False

Daily general ledger account balances are necessary for a business.

• True
• False